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HomeMy WebLinkAbout0949 1 . ~ : ~ r ~ ~ nccount to ~wy auch charg~ when due shall he paid by Mortgagor to Mortgagee on demand. If, by reaaon ot any de(aul/ by Mortgagor under any provision ot this Mortgage, Mortgagee decl~tes all aurru aecured hereby to be due and payable, Mortgagee may then apply any tunds in seid account asaind the entiro indebtedneas ~ecured hereby. The en(orceability ot the cuvenanta relating to tazea, as~smen4 and insuranre premiums herein olherwise provided she11 not be a(fected except inaotar aa thwe obiigationa have been met by complianee with thia pacagraph, Mortgag~e may trom time to tinne at i4 option waeve, and atter any sucb waiver reinstato, any or ail proviaions hereof requirin~ tuch depoaits, by notice to Mortgagor in writing. While any such waiver ia in eftert, Moctga~or shall pay taxes, aMesunenta and insurance premiums as herein eliewhere ptovided. 4. To promptly pay all taYes and ussessments aseessed or levied under and by virtue o[ any atute, tederal, or municipal law or regulation hereafter paaaed~ against Morlgagee upon this Mort6age or the debt heteby eecured, or upoa ib interest under thia Mortgage, provided however, that the total amount so paid for eny sucb taxea punuant to thu peragraph togeth- ' er with the interest psiyable on said indebtedness sh~ll not exceed the hi~h~t lawtul rate of intereat in Florida and provided further that in the event of the psisaage of any iuch law or regulation imposing a tax or asseasment a~ainat Mottgagee up- ~ on thia Mortgage or the debt serured hereby, that the entire indebtedneas aecured by thia Mortgage ahall thereupon be- come immediately due and payable at the option ot Mortgagae. 5. To keep the Mortgaged Property inaured againat Iws or demage by [ire, and all perils insured against by an ex- tended coverage endorsement, and such other riake and periL as Mortgagee in its disrretion raay require. The policy or policiea of auch insurance shall be in the torm in general use f[om time to time in the locality in whicb the Mortgaged Property is aituated, shall be in such amount as Mortgagee may reawnably require, shatl be iaaued by a cornpany or companies approved by Mortgagee, and shaU rnntain a standard mortgagee clause with loss payable to Mortgagee. When- ever required by Mortgagee, euch policies, shall be delivered immediately to and held by Mortaagee. Any and all amounte received by Mortgagee under any of such policiea may be applied by Mortaagee on the indebtedneae aecured hereby in such manner as Mortgagee mey, in ite eole diacretion, elect or, at the option of Mortgagee, the entire amount so received or a~y part thereof may be released. Neither the application nor the release of any aueh amounts a6a11 cure or waive any detault. Upon exerciee ot the power ot eale given in thia Mortgage or other acquiaition of the Mort~aged Property or any part there- o( by Mortgagee, such policies ehsill become the absolute property of Morlgagee. 6. To (irst obtain the written consent oi Mortgagee, such consent to be granted or withheld at the sole discretion o( Mortgegee, befoe+e (a) removins or demoliahing any building now or hereaiter erected on the precrusea. (b) altering the arrangement, design or structural character thereof, (c) making any repairs wbich involve the removal ot atructural parts or the expoaure of the interior ot auch building to the elements, (d) cutting or removina or permitting the cutting and re- moval of any treea or timber on the Mortgaged Property, (e) removing or e:changing any tar?sibie peraonal property which is part of the Mortgaged Property, or (t) entering into or modi(ying any leases of the Mortgaged Property. To maintain the Mortgaged Property in good condition and repair, including but not limited to the making ot such repaira ae Mortgagee may from time to time determine to be nece~ary tor the preservation o( the Mortgaged Property and to not commit or permit any waste thereo(. 8. To comply with all laws, ordinancea, regulationa, covenants, conditions ~nd restrictiona attecting the Mortgaged Property, and not to sufter or permit any violation thereof. 9_ It Mortgagor [aila to pay any claim, tien or encumbrance which ia su{~erior to thia Mortqage, or when due, any ta: or aese~ament or inaurance premium, or to keep the Mortgaged Property in repair, or ehall commit or permit waate, or if there be commenced any action or proceeding atfecting the Mortgaged Property or the titie thereto, or the intereat ot Mortgagee therein, including, but not limited to, eminent domain and banktuptcy or reorganization proceedinga, then Mortgagee, at ita option, may pay said claim, lien, encumbrance, tax, asseasment or premium, with right of subrogation thereunder, may make such repaire and take such ateps as it deems advisable to prYVent or cure auch waste, and may ~ppear in any such action or proceeding and retain counse) tfierein, and take such action therein aa Mortgagee deema ad- visable, and for any ot auch purposes Mortgagee may advance auch sums ot money, including all costs, reaaonable attorney's feea and other items o[ e:pense aa it deema r~ecessary. Moctgagee ahall be the sole judge of tl~e legality, validity and priority of any such claim, lien, encumbrance, tat, aasessment arxl premium and ot the amount necessary to be paid in satiafaction thereot. Mortgagee shall not be held accountable for any delay in making any auch payment, which delay may reault in ' any additional interest, costs, chargea, e:penaes or otherwiae. ~ ~ 10. Mortgagor will pay to Mortgagee, immediately and without demand, all suma o( money advanced by Mortgagee ~ to protect the security hereof pureuant to this Mortgage, including a!1 coeta, reasonable altorney'a feea and other items ot ~ expense, together with interest on each such advancement at the higt~eat law(ul rate ot intereat per annum in the State of Florida, and all auch sums and interest thereon ahall be serured hernby. ~ 11. All sUms of money secured hereby ahall t?e payable without any relief whatever (rom any ~•aluation or appraise- ~ ment lawa. 12. If detault be made in payment of any instalment of princ,pal or interest ot the Note or any part thereo( when i due, or in payment, when due, or any other sum secured hereby, or in pertormance o( any o[ Mortgagor's obligations, coven- ~ ants or agreementa hereunder, all of the indebtedness aecured hereby ahall become and be immediately due aru~ payable at the option of Mortgagee, without notice or demand which are hereby e:pressly waived, in which event Mortgagee may avaif itaelf ot all rights and remedies, at law or in equity, and this Mortgage may be torecloeed with all rights and remedies af(orded by the laws of Florida and Mortgagor ahall pay ail costs, charges and e:peneea thereof, including a reaeonable attorney's (ee, including all auch costa, expenaea and attorney'a fees tor any retrial, rehearing or appeals. The indebtednesa secured heteby ahall bear intereat at the hiqhest lawtul rate ot interest per annum in the State o( Florida from and atter tt~e date ot any such default of Mortgagor. If the Note providea for instalment paymenta, the Mortgagee may, at ita option, collect a late charge not to e:ceed two centa for each one dollar not paid to the Mortgagee when due, to mimburse the Mortgagee for expenees in collecting and servicing such instalment paymenta. 13. If de(ault be made in payment, when due, ot any indebtedness secured hereby, or in per(ormance of any ot Mort~agor'a obligationa, covenanta or aRreement hereunder: (a) Mortgagee ia authorized at any time, without notice, in its aole discretion to enter upon and take possesaion ot the Mortgaged Property or aoy part thereof, to ~~erform any arts Mortgagee deema neceasary or proper to ~ronserve the aecurity and to coUect and receive all rents, iasues and protita thereot, including fhose paat due as well ns those acrruing thereafter: and (b) Mortgagee shall be entitled, as a matter of strict right, without notice and ezparte, and without regard to the ~ value or occupancy o( the aecurity, or the aolvency ot biortgagor, or the adequacy of the Mortgaged Property aa eecurity tor ` the Note, to have a receiver appointed to enter upon and take poaseseion of the Mortgaged Property, coUect the rents and ' profita therefrom and apply the aame aa the court may direct, such receiver to have all the righte and powera permitted under the laws o[ Florida. In either auch case. Mortgagee or the receiver may also take possesaion o(, and [or these purposes use, any and all i personal property which is a part ot the Mortqaged Property and uaed by Mortgagor in the rental or leasing thereot or ~ any part thereof. The expense (including receiver's teea, counael (ces, coate and agent'e compenaation) incurred pursuant to the poweis herein contained shaq be eecured hereby. Mortgagee ahall (after payment of all costs and ezpensea incurred) I 1 ~ -2- 3S4 PA~ 949 . . ~ ~